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(Seoul=Yonhap Infomax) Jang Won Lee Senior Reporter = JPMorgan has revised its 12-month price target for Bullish (NYS:BLSH), a cryptocurrency exchange, down to $45 from $46.
According to CoinMarketCap on the 23rd (U.S. local time), JPMorgan stated that the price target was lowered after excluding certain revenue streams from its valuation model for Bullish.
JPMorgan removed Bullish’s quarterly stablecoin promotional income—approximately $6.2 million—derived from holding $1.2 billion in IPO proceeds as stablecoins, from its core revenue model.
The bank noted that while this income carries a near-100% margin, it is a non-recurring revenue dependent on IPO funds and should not be factored into assessments of the company’s core business health.
As a result of this adjustment, Bullish’s adjusted EPS (earnings per share) forecast for this year was revised down from $0.44 to $0.31, and next year’s EPS estimate was lowered from $1.29 to $0.93.
JPMorgan maintained its ‘Neutral’ investment rating on Bullish despite the revised price target.
jang73@yna.co.kr
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